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In other news: “How a Brazen Hack of That $69 Million Beeple Revealed the True Vulnerability of the NFT Market”

This week, clawing down another art-tech rabbit hole…

What’s clear is that Personne is exploiting a flaw in the standard ERC721 smart contract, which is used by the overwhelming majority of art-related NFTs transacting on the Ethereum blockchain. But it is not an easy-to-see flaw, and the effect is not being faked by Photoshop wizardry or some other non-crypto chicanery; the sleepminted Beeple really is minted in Beeple’s wallet, it really is transferred elsewhere afterward—and both of those transactions are memorialized forever on the blockchain. 

Tim Schneider, Artnet,

Read the full article here at Artnet.

In contrast to NFTs, dadacoin provides a fungible token
with far more utilities (and finer art). 

 

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